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Central banks

Central banks
News about policymaking in the world’s major central banks with a focus on the People’s Bank of China, the Federal Reserve, the European Central Bank, the Bank of England, the Bank of Japan and the Reserve Bank of Australia.
China’s newly appointed financial regulator chief Ding Xiangqun. Photo: Handout
Banking & finance

China’s new regulator chief vows to stop financial ‘blow-ups’ in policy meeting

Ding Xiangqun highlights risks at smaller lenders, the property sector and local government debt while calling for tougher supervision.

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China consumption

Gold slump: China’s sales plunge as precious metal’s price dips

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Banking & finance

Macroscope | Why bond yields are going up everywhere

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South Korea

‘Transitory euphoria’: South Korea’s strong economic outlook masks key hurdles

The surge in demand for semiconductors is cyclical, while other sectors in the country are lagging, analysts say.

Containers awaiting export stacked at a pier in Pyeongtaek, South Korea. The Bank of Korea has raised the country’s 2026 GDP growth forecast to 2.6 per cent. Photo: EPA
Yuan

For a yuan in deeper markets, Fed ex-head cites dollar playbook, flags risks

Meanwhile, surging costs are ‘likely to hit US inflation data a bit harder and perhaps longer’ than expected, according to the former central bank official.

United States

US key inflation gauge worsens, eroding Americans’ income, spending power

Inflation of 3.8 per cent in April was the highest since May 2023 amid high petrol prices and food costs.

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US, Israel war on Iran

Gold continues decline as inflation fears outweigh hope of end to Iran war

The metal is down nearly 20 per cent from its all-time high in January as investors focus on the Federal Reserve’s plans to combat inflation.

A salesman presents gold bars at a jewellery shop inside the Gold Market at the Old Souk in Dubai, United Arab Emirates on April 13. Photo: EPA
United States

Warsh takes US Fed’s helm with inflation dilemma already unfolding

Trump’s pick to lead the central bank must contend with an economy roiled by the AI boom, as well as oil price and tariff shocks.

Bonds

Macroscope | Bond market sell-off raises stakes for Asia’s tech-driven economies

Stakes are high for Asia’s tech-driven economies amid a global sell-off in bond markets that signals investor fears.

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Yuan

China’s yuan hits 3-year high as global banks issue bullish forecasts

Beijing has set the yuan at its strongest level against the US dollar since early 2023, with banks projecting further appreciation.

Beijing has set the Chinese yuan at its strongest level against the US dollar since February 2023. Photo: Shutterstock
Yuan

As the world retreats from US Treasuries, will the sell-off deepen?

China is one of several nations trimming their exposure to US debt, as inflation drives Treasury yields to levels not seen since 2007.

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Kevin Warsh was confirmed as the next chairman of the US Federal Reserve earlier this month. Photo: Reuters
Yuan

China’s US Treasuries slump may not be what it seems

A reduction in China’s direct holdings of US government debt may be partly offset by the nation holding Treasuries via third parties.

Yuan

China joins global sell-off of US Treasuries in March as Iran war prompts panic

Seven of the top 10 foreign holders cut their exposure to US government debt, led by Japan, which offloaded US$47.7 billion.

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China-Latin America relations

How a US$5 billion Chinese lifeline to Argentina shrank to almost nothing

Central bank records show the swap balance fell to US$675 million as Washington pressed Buenos Aires to wind it down.

Argentine President Javier Milei (right) has moved closer to US President Donald Trump as Argentina winds down much of its Chinese swap line.Photo: Getty Images
Banking & finance

Stephen Miran, Trump’s economic guru, is leaving the Fed. What happens now?

Miran quit his job as a Trump economic adviser to join the US Federal Reserve board, where he became known as a vocal dove.

Stephen Miran became one of the US Federal Reserve’s most vocal doves during his short tenure on the central bank’s board of governors. Photo: AP
United States

Warsh confirmed as Fed chair, as US central bank faces Trump assault

He is taking over as the world’s largest economy reels from repeated shocks, including inflation fuelled in part by the Iran war.

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United States

US Senate confirms Trump pick Kevin Warsh to Federal Reserve Board

The decision clears the way for Warsh to take over the role of Fed chair from Jerome Powell later this week.

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Banking & finance

Trump’s pick for Fed chair says he’ll stay independent. Does he mean it?

Kevin Warsh said at a confirmation hearing he would not become the US president’s ‘human sock puppet’, but concerns over interference persist.

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Illustration: Henry Wong
Banking & finance

Macroscope | Australia’s interest rate rise signals growing hawkish stance in Asia

Reserve Bank of Australia is less an outlier than a harbinger of global monetary trends in the wake of war-induced supply shocks.

Yuan

China sets yuan at strongest level in 3 years as US dollar jitters simmer

Beijing is pushing for a stronger yuan to help globalise the currency, but the upswing could create issues for the country’s export giants.

The Philippines

Middle East conflict pushes Philippine inflation to 3-year high

Higher fuel, food, transport and utility costs forced inflation to 7.2 per cent last month, the highest since March 2023.

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A man scops up food at a canteen in Manila on April 7. Photo: AFP
Hong Kong Monetary Authority (HKMA)

Hong Kong Exchange Fund records smallest gain in 5 quarters amid market slump

The war chest used to defend the city’s currency takes a hit as conflicts in Middle East prompt investors to move from stocks to safer assets.

A view of the Hong Kong Monetary Authority office at Two International Finance Centre in Central. Photo: Jelly Tse
Asean

Why Singapore, Thailand are among the world’s ‘happiest’ economies

Southeast Asian countries outdid larger economies in the 178-nation Hanke’s Annual Misery Index for 2025.

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Commodities

Gold loses its shimmer in Asia over rising oil prices, hawkish Fed stance

Demand for the metal is likely to remain weak, with central banks not expected to cut interest rates for some time due to high energy prices.

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Brics

Brics to push for intra-currency payments as ‘immunity’ against Western clout

New Delhi has to be wary of any move to challenge the US dollar as it seeks to sign an interim trade deal with Washington, analysts say.

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Leaders from Brics member and partner countries gather in Rio de Janeiro, Brazil, on July 7, 2025. Photo: Xinhua
Interest rates

HKMA warns of interest-rate uncertainty as Fed’s trajectory remains unclear

HSBC, Standard Chartered and Bank of China (Hong Kong) keep their prime and savings rates unchanged.

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The Hong Kong Monetary Authority maintained the city’s base rate at 4 per cent on Thursday. Photo: Jonathan Wong
United States

Powell says he’ll stay at Fed as governor, defying Trump

Outgoing chair triggers fresh clash with the White House by exercising his right to remain on the Fed board.

Yuan

Open Questions | Why China’s yuan faces the same ‘illusions’ that stalled the euro: Daniel Gros

Former European economic adviser says Beijing’s bid to build an international currency will hinge on leaders allowing it to fluctuate freely.

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